Heterodox
Karl Marx did not use the phrase, socially necessary labour time (or its equivalent, labour time [that is] socially necessary) in the Grundrisse (1857-58 notebooks). He did, however, refer once to “the necessary labour of society”: As soon as labour in the direct form has ceased to be the great well-spring of wealth, labour time ceases and must cease to be its measure, and hence exchange value [must cease to be the measure] of use value. The...
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